Summary of Significant Accounting Policies and Estimates (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Useful Life of Investments in Real Estate

The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated remaining useful lives of the assets as follows:

Description	Depreciable Life
Buildings	12 - 50 years
Land improvements	1 - 4 years
In-place lease intangibles	9 - 24 years
Other lease intangibles (1)	Over lease term

(1)    Other lease intangibles primarily includes above and below market leases, lease inducements, and lease commissions.

Schedule of Selling Commissions, Dealer Manager Fees, and Shareholder Servicing Fees

The following details the selling commissions, dealer manager fees, and shareholder servicing fees for each applicable share class as of December 31, 2023:

	Class S	Class D	Class I
Transaction fees (% of transaction price)	up to 3.50%	up to 1.50%	—	%
Shareholder servicing fees (% of NAV)	0.85%	0.25%	—	%

The following table details the movement in the Company’s outstanding shares of common shares:

	Class S	Class D	Class I	Total
Balance at Inception	–	–	–	–
Common shares issued	43,177,286	1,382,244	31,566,203	76,125,733
Distribution reinvestment	224,400	3,177	102,056	329,633
Common shares repurchased	—	—	—	—
December 31, 2022	43,401,686	1,385,421	31,668,259	76,455,366
Common stock issued	48,158,608	3,247,573	70,130,943	121,537,124
Distribution reinvestment	1,982,704	93,689	1,886,855	3,963,248
Common stock repurchased	(1,474,835)	(237,865)	(2,034,326)	(3,747,026)
December 31, 2023	92,068,163	4,488,818	101,651,731	198,208,712

Assets Measured at Fair Value on a Recurring Basis

The following table details the Company’s assets measured at fair value on a recurring basis:

	December 31, 2023						December 31, 2022
	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Investments in unconsolidated real estate affiliates	$	—	$	699,570	$	699,570	$	—	$	—	$	—
Investments in real estate debt	30,974		56,235		87,209		23,816		50,000		73,816
Interest rate hedging derivatives	6,945		—		6,945		11,766		—		11,766
Foreign currency hedging derivatives	5,065		—		5,065		—		—		—
Total	$	42,984	$	755,805	$	798,789	$	35,582	$	50,000	$	85,582
Liabilities:
Interest rate hedging derivatives	$	4,651	$	—	$	4,651	$	—	$	—	$	—
Foreign currency hedging derivatives	6,820		—		6,820		—		—		—
DST Financing obligation	—		13,694		13,694		—		—		—
Total	$	11,471	$	13,694	$	25,165	$	—	$	—	$	—

Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:

	Investments in real estate debt		Investments in unconsolidated real estate affiliates		Total Assets		DST Financing Obligation
Balance as of December 31, 2022	$	50,000	$	—	$	50,000	$	—
Purchases	18,838		738,013		756,851		—
Sales	(12,603)		—		(12,603)		—
Distributions received	—		(52,420)		(52,420)		—
DST Program proceeds	—		—		—		13,659
Included in net income
Unrealized loss on sale of DST interests included in Other income, net	—		—		—		35
Income from unconsolidated real estate affiliates measured at fair value	—		13,977		13,977		—
Balance as of December 31, 2023	$	56,235	$	699,570	$	755,805	$	13,694